石药集团(01093.HK)2022年第一季度股东净利同比下降4.6%；差于预期

See the last page for disclaimer Page 1 of 3 中外运输 Equity Research Equity Research Report 证 券 研 究 报 告 Flash Note 股票研究 快讯 证券研究报告 [Table_Info1] 医药行业 Health Care Sector [Table_Info2] 石药集团 CSPC Pharmaceutical Group (01093 HK) [Table_Title] Flash Note: CSPC Pharmaceutical Group (01093 HK) Kay Mai 麦梓琪 (86755) 2397 6685 快讯： 石药集团 (01093 HK) maiziqi@gtjas.com 25 May 2022 [Table_Summary] [Table_Summary] 1Q2022 Shareholders’ Net Profit Down 4.6% YoY; Missed 2022年第一季度股东净利同比下降4.6%；差于预期  CSPC Pharma released its 1Q2022 results; a summary is presented below: Table-1:CSPC Pharma's 1Q2022 Results Summary 1Q2022 (RMB) YoY Revenue 7,874 mn 16.9% EBIT 1,767 mn (1.1%) Shareholders' net profit 1,405 mn (4.6)% EPS 0.118 (4.1)% Gross profit margin 73.8% (3.2)pts EBIT margin 22.4% (4.1) pts Net profit margin 17.8% (4.0) pts Source: the Company, Guotai Junan International.  1Q2022 results of CSPC Pharma missed our estimates, primarily due to the record of fair value loss on financial assets measured at FVTPL. 1Q2022 revenue increased YoY by 16.9% to RMB7,874 million; shareholders' net profit was RMB1,405 million, down 4.6% YoY. Excluding the fair value changes on financial assets measured at FVTPL, bottom line is estimated to have increased YoY by 10.3% YoY to RMB1,537 million. In 1Q2022, revenue generated from finished drugs increased by 15.0% YoY to RMB6,302 million; NBP (estimated single-digit growth) and the oncology products (+15.4%) maintained stable growth, while contribution from the products launched in recent years continued to increase, especially for anti-infectives. Revenue generated from bulk drugs and other products grew by 25.3% YoY to RMB1,572 million; sales volume of antibiotics, vitamin C, and caffeine all increased, with price of caffeine rising but that of vitamin C falling. Segment profit margin of finished drugs slightly dropped YoY by 0.2 pts to 25.2%, which may be a result of heavier investment in R&D. Segment profit margin of bulk drugs and others decreased YoY by 5.7 pts to 18.8%, due to price cut of vitamin C. With the record of fair value loss of RMB133 million on financial assets measured at FVTPL, and a slightly higher effective tax rate, net profit margin decreased YoY by 4.0 pts to 17.8%.  Current TP is set at HK$12.20 with an investment rating of "Buy". We will consider slightly trimming down earnings estimates and review the TP to reflect the fair value loss on financial assets measured at FVTPL, but will likely keep the investment rating of "Buy" unchanged in our next Company Report, to reflect our positive view on the Company's long-term outlook and stock price upside. 股票报告网 Flash Note See the last page for disclaimer Page 2 of 3 [Table_RightMar1] 25 May 2022 [Table_RightMar2] CSPC Pharmaceutical Group 石药集团 (01093 HK) [Table_PageHeader] CSPC Pharmaceutical Group (01093 HK)  石药集团宣布 2022 年第一季度业绩；主要摘要如下： 表-1：石药集团 2022 年第一季度业绩摘要 2022 年第一季度（人民币） 同比变动 收入 7,874 百万元 16.9% 息税前利润 1,767 百万元 (1.1%) 股东净利 1,40